Note from CEO
After 18 months of emotional rollercoaster, remote work, uncertainties, and fluctuations. We are pleased to say that our teams across the GCC are back in their respective offices, and all appears to be in sound order.
SICO is recognized across the GCC as a leading provider of financial services for institutional and individual investors, alike. Our diversified business model allowed us not only to weather the storm brought forth by the previous year, but to emerge ber than ever and well positioned to capitalize on new opportunities.
In March, we successfully completed the acquisition of Muscat Capital, a full-fledged investment bank based in Saudi Arabia, wholly owned by Bank Muscat. The transaction was completed by way of a share swap for our treasury shares, which allowed us to become the majority owner of the company, with Bank Muscat gaining a 9% share in SICO. This was subsequently increased with Bank Muscat acquiring an additional 1.38% from an existing shareholder (Al Salam Bank). Our acquisition of Muscat Capital is an integral part of our ongoing strategy to reinforce our standing in the market and will afford us direct presence in the region’s largest capital market.
We completed a rebrand of the company in September and have launched operations under SICO Capital, offering a comprehensive suite of financial services including asset management, investment banking, and brokerage.
The launch of SICO Capital is a key milestone for our growth as a bank marking the first time we offer comprehensive, direct services outside our home market. Our aim as we grow, rather than simply looking to increase our numbers, is to look for opportunities that will see us expand not only geographically, but also build on our existing capabilities to cover the entirety of the financial services spectrum.
As we continue to grow our capabilities, it is crucial for our people to grow and develop along with SICO. We have always striven to hire and retain the best calibers in the market and empower them to advance in their careers to reach leadership positions. We have recently hired a new Head of Distribution, whose promotion was internal, which is a testament to our efforts to support our team’s career progression.
Part of our commitment to growing our team’s capacity is to promote equal opportunities across our team. We take great pride in the fact that women account for 38% of SICO’s total employees, 21% of managerial and supervisory positions, a quarter of the bank’s senior management team, as well as a third of our board of directors. We have also embarked on a journey to enhance our business and align it with global ESG standards by integrating core principles of responsible investing into the fabric of our corporate culture and operational model.
Our aim moving forward is to grow our business alongside our team. Despite the regional market being crowded, there are many opportunities present for us. Our approach to the regional financial sector and positioning as a niche player with comprehensive investments services stands to benefit us as we progress with our growth plans. These plans are reinforced by our consistent efforts to remain at the forefront of the industry by innovating not just in how we serve our clients but with the organization we seek to build with our team.